The mass affluent population in the UK is growing, meaning the demographic is an opportunity for providers selling personal insurance. Mass affluents are more likely to be male, have higher household incomes, and be married compared to retail customers. The assets of mass affluents are higher value, making their insurance needs more complex. They have different lifestyles compared to retail customers, meaning they also have different insurance needs. They travel abroad more often, and are more likely to own a second home, a car that requires specialist insurance, and high-value items that require additional cover. The penetration of personal insurance products is higher among mass affluents than retail customers, and they also pay higher premiums.
- Mass affluent customers are likely to only purchase a policy once they are confident in the provider and the product offered, making sure that all options and repercussions have been explored.
- Mass affluents are traditional buyers who want guidance and a more personal experience when buying cover.
- Customer loyalty is high for mass affluents. 76.0% stayed with their existing provider in 2016.
- Provider reputation and personal recommendations are more important to mass affluents than retail customers.
Targeting UK Mass Affluents with Insurance report explores the differing attitudes and insurance needs of higher affluence customers in comparison to the mass market. It explores the demographics of the group, the products they hold, and their purchasing preferences. It also highlights the leading providers for mass affluents, and discusses the opportunities and best ways providers can reach and engage with this customer group.
- To understand the differing needs of mass affluent customers in comparison to the mass market.
- To improve customer engagement by recognizing what is most important to mass affluent customers and how insurers can adapt their products and services to meet their needs.
- To discover the top providers within the mass affluent insurance market.
- To explore the opportunities the mass affluent market provides in terms of insurance innovation.
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